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Southwest Gas Holdings, Inc. (SWX) Q4 2025 Earnings Call Transcript

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Southwest Gas Holdings reported Q4 2025 earnings of $1.36 per share, missing estimates by $0.01, while revenue fell 62.15% year-over-year to $480.74 million, below forecasts by $106.28 million. Management cited economic uncertainty, regulatory hurdles, and delays in a major capital project at Great Basin Gas Transmission as key challenges impacting financial performance and 2026 outlook. CEO Karen Haller and CFO Justin Forsberg addressed long-term guidance during the call, emphasizing risks tied to energy market volatility and infrastructure investment timelines. Analysts from Jefferies, JPMorgan, and Citigroup questioned cost controls and growth strategies, pressing executives on mitigation plans for ongoing revenue declines. The company filed its 10-K and posted earnings slides, with a replay of the call available for 12 months, signaling transparency amid investor concerns.

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SA Transcripts158.61K FollowersFollow5ShareSaveCommentsQ4: 2026-02-25 Earnings SummaryInsightsTranscript InsightsPlay CallPlay CallEPS of $1.36 misses by $0.01 | Revenue of $480.74M (-62.15% Y/Y) misses by $106.28M Southwest Gas Holdings, Inc. (SWX) Q4 2025 Earnings Call February 25, 2026 12:00 PM EST Company Participants Tyler FranekKaren Haller - President, CEO & DirectorJustin Brown - PresidentJustin Forsberg - CFO, Treasurer & Senior VP Conference Call Participants Julien Dumoulin-Smith - Jefferies LLC, Research DivisionElias Jossen - JPMorgan Chase & Co, Research DivisionChristopher Ellinghaus - Siebert Williams Shank & Co., L.L.C., Research DivisionGabriel Moreen - Mizuho Securities USA LLC, Research DivisionRyan Levine - Citigroup Inc., Research DivisionPaul Fremont - Ladenburg Thalmann & Co. Inc., Research Division Presentation Operator Welcome to the Southwest Gas Holdings Fourth Quarter and Full Year 2025 Earnings Conference Call. Today's call is being recorded, and our webcast is live. A replay will be available later today and for the next 12 months on the Southwest Gas Holdings website. [Operator Instructions] I will now turn the call over to Tyler Franek, Manager of Investor Relations of Southwest Gas Holdings.

Tyler Franek Thank you, John, and hello, everyone. We appreciate you joining the call today. This morning, we issued and posted to Southwest Gas Holdings website our fourth quarter and full year 2025 earnings release and filed the associated Form 10-K. The slides accompanying today's call are also available on Southwest Gas Holdings' website. We'll refer to those slides by number throughout the call today. Please note that on today's call, we will address certain factors that may impact 2026 earnings and discuss longer-term guidance. Information that will be discussed today contains forward-looking statements. These statements are based on management's assumptions on what the future holds, but are subject to several risks and uncertainties, including uncertainties surrounding the impacts of future economic conditions, regulatory approvals and a significant capital project at Great Basin Gas Transmission Company. This cautionary note as well as a note regarding

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Southwest Gas Holdings, Inc. (SWX) Q4 2025 Earnings Call Transcript

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